Marketing Management Project wk4 Essay Example | Topics and Well Written Essays - 500 words

Marketing Management Project wk4 - Essay Example This target market saves business owners from wasting time and money, among other resources, while trying to sell their products to people who do not require them. All businesses need a marketing strategy so as to concentrate their efforts to the right channels of generating income. A good marketing strategy is important in ensuring that the target market is fully captured and purchases the presented product or service. To understand a market and the impact of a product or service on it, several methods can be applied in studying a business. These methods create a situation analysis. The situation analysis is a key component of a marketing plan and should be carefully thought on and done. For the service in question, which involves the supply of textbook-like content to students online, a large portion of the target market is made up of school children, and specifically those who have access to a computer with an internet connection. This market constitutes children and young adults who have the desire to read textbooks but have little or no access the hard copies. This site will be open to anyone, meaning that the market will not be limited to a specific geographical region. The strengths of the service are that it can serve a large population regardless of geographical location and contains relevant academic content that would only be available in academic textbooks. Its weakness lies in the fact that anyone can copy this idea and create their own version of it, probably even an improved one. The opportunities that lie within this service include the addition of professional academic materials that can be supplied to universities and colleges at a fee. Finally, threats such as already existing knowledge sites, among them Wikipedia, are known to many students who heavily rely on them. Threats of new entrants into the business sector are also to be considered (Wood, 2005). The main competitors of such an online